Area Considerations - An Introduction
Choosing an Area
Not only is it necessary to choose a location that makes both economic and practical sense, but it is also worth checking out the possible implications of certain specialist areas such as conservation areas and their likely effect on your current and future plans for the property.
Apart from the general area considerations that should be taken into account, there are also property specific searches that are undertaken during a property purchase which give further insight into the actual area in question. Understanding the results of these searches can be a real challenge; but, it is certainly worth getting to grips with the paperwork so that you know exactly what type of location you are buying into and the possible implications of any restrictions.
Surveying the general locality includes checking issues such as whether the region is a conservation area, a Greenfield site or an area of outstanding natural beauty. All of these designations can have a huge influence on properties within the area. Predominately, these specialist areas will have an impact on planning and building regulations. For instance, if extensions are on the agenda, this aspect needs to be considered in depth to ensure that you do not come up against a brick wall with the Planning Department!
More Specific Property Information
In preparation for a property purchase, your solicitor will complete a series of searches on the property itself and the land in the immediate vicinity. The type of information that will be uncovered might include local coal mining, flooding and environmental issues that may affect the immediate surroundings.
Furthermore, the specific property information will include details of any planned developments for the locality. This, of course, is a vital aspect of any property search and only occurs when the actual purchase process is underway. Unfortunately, these specific searches only take place after the offer has been accepted and surveys have been commissioned. Consequently, many purchasers tend to ignore the information that is returned, simply because the sale is at an advanced stage; such an oversight can (and often does) cost the panic buyer dearly, at a later date.
Collecting all this information allows a purchaser to develop a complete and accurate picture of the individual property and the surrounding area. This information gathering process is an essential part of any purchase and should neither be underestimated nor overlooked.
'Keeping your nerve' and being able to recognise the real problem areas is vital when it comes to purchasing a property either for personal or investment purposes.
Making the right choice of location when considering the purchase of a property is probably the most important decision that you have to take;
research is completed on the general locality and this can normally be carried out prior to making an offer on any property;
more specific searches are completed in relation to the actual property, during the purchasing process;
with so many searches involved, the paperwork is likely to be considerable, but learning to sift through the salient points in order to recognise the most important results is a really useful skill that property investors, in particular, must master.